Online Only Auction Conducted For: 107 NW 65th …...1000 Middlebrook Dr., Ste. C, Liberty, MO 64068 Phone: 816-792-0077 Fax: 816-781-3450 License Nos.: MO 8281147 and KS 461357583

Property Information Package

Online Only Auction Conducted For:

107 NW 65th Terrace

Gladstone, MO 64118

January 23, 2020

12:30PM

WELCOME TO THE AUCTION!

We’re pleased to have you participating in our auction today. What you are about to experience is the most advanced method of real estate marketing available. If you have any questions about the process, please feel free to ask a Cates representative prior to the start of the auction. We’re here to help!

You’ve probably noticed that real estate auctions are becoming increasingly popular in recent years. That is due to the fact that buyers and sellers alike find that the process is the easiest and most efficient way to conduct real estate transactions.

While many companies and individuals are just beginning to offer real estate auction services, we’ve been steadfastly marketing and selling real estate at auction since 1942.That’s 78 years of bringing buyers and sellers together! It’s no secret that each year our company sells more real estate at auction than anyone else in Kansas City.

This package is designed to provide additional information that may be helpful to you in evaluating today’s property. Be sure to complete your inspections and have your finances in order before bidding begins. After the auction, take a moment to visit www.CatesAuction.com to see other properties and

learn more about selling real estate at auction.

Enjoy the auction!

Jeffrey D. Cates CAI, AARE, CAGA, CES President

http://www.catesauction.com/

TABLE OF CONTENTS

Commitment for Title Insurance

Lead Based Paint Disclosure

Seller’s Disclosure

Real Estate Sale Contract

Broker Disclosure Form

Terms and Conditions

Broker Participation Agreement

Property Brochure

COMMITMENT COVER SHEET

File No.: 223757 Date: December 11, 2019

Seller(s): John H Smith and Cynthia M Smith

Buyer(s): To Be Agreed Upon

Subject Property(ies) 107 NW 65th Ter, Gladstone, MO 64118

Commitment Distribution List:E-Mail: Cates Auction & Realty Co., Inc. ([email protected]) - Kim Mangum

For title inquiries, please contact the following: Thomson-Affinity Title, LLC 1000 Middlebrook Dr., Ste. C, Liberty, MO 64068 Phone: 816-792-0077 Fax: 816-781-3450 License Nos.: MO 8281147 and KS 461357583

Thank you for placing your title insurance order with Thomson-Affinity Title, LLC.We appreciate your patronage and look forward to the opportunity to provide our

title and closing services on any of your future real estate transactions.

1000 Middlebrook Dr., Ste CLiberty, MO 64068816-792-0077

11900 College Blvd., Ste. 210Overland Park, KS 66210

913-451-2500

COMMITMENT FOR TITLE INSURANCEISSUED BY

COMMONWEALTH LAND TITLE INSURANCE COMPANY

NOTICE

IMPORTANT—READ CAREFULLY: THIS COMMITMENT IS AN OFFER TO ISSUE ONE OR MORE TITLEINSURANCE POLICIES. ALL CLAIMS OR REMEDIES SOUGHT AGAINST THE COMPANY INVOLVING THECONTENT OF THIS COMMITMENT OR THE POLICY MUST BE BASED SOLELY IN CONTRACT.

THIS COMMITMENT IS NOT AN ABSTRACT OF TITLE, REPORT OF THE CONDITION OF TITLE, LEGALOPINION, OPINION OF TITLE, OR OTHER REPRESENTATION OF THE STATUS OF TITLE. THE PROCEDURESUSED BY THE COMPANY TO DETERMINE INSURABILITY OF THE TITLE, INCLUDING ANY SEARCH ANDEXAMINATION, ARE PROPRIETARY TO THE COMPANY, WERE PERFORMED SOLELY FOR THE BENEFIT OFTHE COMPANY, AND CREATE NO EXTRACONTRACTUAL LIABILITY TO ANY PERSON, INCLUDING APROPOSED INSURED.

THE COMPANY’S OBLIGATION UNDER THIS COMMITMENT IS TO ISSUE A POLICY TO A PROPOSED INSUREDIDENTIFIED IN SCHEDULE A IN ACCORDANCE WITH THE TERMS AND PROVISIONS OF THIS COMMITMENT.THE COMPANY HAS NO LIABILITY OR OBLIGATION INVOLVING THE CONTENT OF THIS COMMITMENT TOANY OTHER PERSON.

COMMITMENT TO ISSUE POLICY

Subject to the Notice; Schedule B, Part I—Requirements; Schedule B, Part II—Exceptions; and the Commitment Conditions,Commonwealth Land Title Insurance Company, a Florida Corporation (the "Company"), commits to issue the Policy accordingto the terms and provisions of this Commitment. This Commitment is effective as of the Commitment Date shown in ScheduleA for each Policy described in Schedule A, only when the Company has entered in Schedule A both the specified dollar amountas the Proposed Policy Amount and the name of the Proposed Insured.

If all of the Schedule B, Part I—Requirements have not been met within 180 Days after the Commitment Date, thisCommitment terminates and the Company’s liability and obligation end.

COMMONWEALTH LAND TITLE INSURANCE COMPANY

By:

Attest:

President

Secretary

This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Commonwealth Land Title Insurance Company. ThisCommitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, PartI—Requirements; Schedule B, Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.

Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof)is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses areprohibited. Reprinted under license from the American Land Title Association.

81C165B72 Page 1 of 7 ALTA Commitment for Title Insurance 8-1-16 w- KS-MO ModFile No. 223757

COMMITMENT CONDITIONS

DEFINITIONS1."Knowledge" or "Known": Actual or imputed knowledge, but not constructive notice imparted by the Public(a)Records."Land": The land described in Schedule A and affixed improvements that by law constitute real property. The(b)term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right,title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but thisdoes not modify or limit the extent that a right of access to and from the Land is to be insured by the Policy."Mortgage": A mortgage, deed of trust, or other security instrument, including one evidenced by electronic(c)means authorized by law."Policy": Each contract of title insurance, in a form adopted by the American Land Title Association, issued or(d)to be issued by the Company pursuant to this Commitment."Proposed Insured": Each person identified in Schedule A as the Proposed Insured of each Policy to be issued(e)pursuant to this Commitment."Proposed Policy Amount": Each dollar amount specified in Schedule A as the Proposed Policy Amount of(f)each Policy to be issued pursuant to this Commitment."Public Records": Records established under state statutes at the Commitment Date for the purpose of(g)imparting constructive notice of matters relating to real property to purchasers for value and withoutKnowledge."Title": The estate or interest described in Schedule A.(h)

2. If all of the Schedule B, Part I—Requirements have not been met within the time period specified in the Commitmentto Issue Policy, this Commitment terminates and the Company’s liability and obligation end.

3. The Company’s liability and obligation is limited by and this Commitment is not valid without:(a) the Notice;(b) the Commitment to Issue Policy;(c) the Commitment Conditions;(d) Schedule A;(e) Schedule B, Part I—Requirements; and(f) Schedule B, Part II—Exceptions; and(g) a counter-signature by the Company or its issuing agent that may be in electronic form.

4. COMPANY’S RIGHT TO AMENDThe Company may amend this Commitment at any time. If the Company amends this Commitment to add a defect,lien, encumbrance, adverse claim, or other matter recorded in the Public Records prior to the Commitment Date, anyliability of the Company is limited by Commitment Condition 5. The Company shall not be liable for any otheramendment to this Commitment.




5. LIMITATIONS OF LIABILITY(a) The Company’s liability under Commitment Condition 4 is limited to the Proposed Insured’s actual expense

incurred in the interval between the Company’s delivery to the Proposed Insured of the Commitment and thedelivery of the amended Commitment, resulting from the Proposed Insured’s good faith reliance to:(i) comply with the Schedule B, Part I—Requirements;(ii) eliminate, with the Company’s written consent, any Schedule B, Part II—Exceptions; or(iii) acquire the Title or create the Mortgage covered by this Commitment.

(b) The Company shall not be liable under Commitment Condition 5(a) if the Proposed Insured requested theamendment or had Knowledge of the matter and did not notify the Company about it in writing.

(c) The Company will only have liability under Commitment Condition 4 if the Proposed Insured would not haveincurred the expense had the Commitment included the added matter when the Commitment was firstdelivered to the Proposed Insured.

(d) The Company’s liability shall not exceed the lesser of the Proposed Insured’s actual expense incurred in goodfaith and described in Commitment Conditions 5(a)(i) through 5(a)(iii) or the Proposed Policy Amount.

(e) The Company shall not be liable for the content of the Transaction Identification Data, if any.(f) In no event shall the Company be obligated to issue the Policy referred to in this Commitment unless all of the

Schedule B, Part I—Requirements have been met to the satisfaction of the Company.(g) In any event, the Company’s liability is limited by the terms and provisions of the Policy.

6. LIABILITY OF THE COMPANY MUST BE BASED ON THIS COMMITMENT(a) Only a Proposed Insured identified in Schedule A, and no other person, may make a claim under this

Commitment.(b) Any claim must be based in contract and must be restricted solely to the terms and provisions of this

Commitment.(c) Until the Policy is issued, this Commitment, as last revised, is the exclusive and entire agreement between the

parties with respect to the subject matter of this Commitment and supersedes all prior commitmentnegotiations, representations, and proposals of any kind, whether written or oral, express or implied, relating tothe subject matter of this Commitment.

(d) The deletion or modification of any Schedule B, Part II—Exception does not constitute an agreement orobligation to provide coverage beyond the terms and provisions of this Commitment or the Policy.

(e) Any amendment or endorsement to this Commitment must be in writing and authenticated by a personauthorized by the Company.

(f) When the Policy is issued, all liability and obligation under this Commitment will end and the Company’s onlyliability will be under the Policy.

7. IF THIS COMMITMENT HAS BEEN ISSUED BY AN ISSUING AGENTThe issuing agent is the Company’s agent only for the limited purpose of issuing title insurance commitments andpolicies. The issuing agent is not the Company’s agent for the purpose of providing closing or settlement services.

8. PRO-FORMA POLICYThe Company may provide, at the request of a Proposed Insured, a pro-forma policy illustrating the coverage that theCompany may provide. A pro-forma policy neither reflects the status of Title at the time that the pro-forma policy isdelivered to a Proposed Insured, nor is it a commitment to insure.




ALTA Commitment for Title Insurance

Schedule A

File No: 223757

Transaction Identification Data for reference only:

Issuing Agent: Thomson-Affinity Title, LLC at 816-792-0077Issuing Office's ALTA® Registry ID: 1064370Property Address: 107 NW 65th Ter, Gladstone, MO

SCHEDULE A

Commitment Date: December 5, 2019 at 8:00 AM1.

Policy to be issued:2.

(a) 2006 ALTA® Owner’s Policy Proposed Policy Amount: $5,000.00Seller CPL: $25.00Buyer CPL: $25.00

Proposed Insured: Purchaser with contractual rights under a purchaseagreement with the vested owner identified at Item 4 below

The estate or interest in the Land described or referred to in this Commitment is: Fee Simple3.

The Title is, at the Commitment Date vested in:4.

John H Smith and Cynthia M Smith

The Land is described as follows: 5.All of Lot 171, HAMILTON HEIGHTS, a subdivision in Gladstone, Clay County, Missouri, according to the recordedplat thereof.

Commonwealth Land Title Insurance Company

This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Commonwealth Land Title Insurance Company. This Commitment isnot valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I—Requirements; Schedule B,Part II—Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form.

Copyright American Land Title Association. All rights reserved.The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standingas of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association.

81C165B72 Page 4 of 7 ALTA Commitment for Title Insurance 8-1-16 w- KS-MO Mod12/11/2019 - dm Schedule A


Schedule BI & BII

File No: 223757

SCHEDULE B, PART I

Requirements

All of the following Requirements must be met:

1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtainan interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions.

2. Pay the agreed amount for the estate or interest to be insured.

3. Pay the premiums, fees, and charges for the Policy to the Company.

4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized,executed, delivered, and recorded in the Public Records.

NOTE: The Title Agent issuing this Commitment is furnishing a 24-month chain of title for information5.purposes only as a customer courtesy and not for purposes of title insurance. The policy, when issued, willprovide no insurance as to the accuracy of this information beyond the terms of the policy, and the Companyhas no other liability or obligation in connection with the information provided below:a) Missouri Warranty Deed recorded August 6, 2004 in Book 4717 at Page 15, from Eric Embery, a singleperson, Grantor, to John H Smith and Cynthia M Smith, husband and wife, Grantee.

Satisfactory Warranty Deed from record owner(s), vesting fee simple title in the proposed insured purchaser.6.

Satisfactory Deed of Trust from the purchaser(s), securing the proposed loan.7.

For each policy to be issued as identified in Schedule A, Item 2; the Company shall not be liable under this8.commitment until it receives a designation for a Proposed Insured, acceptable to the Company. As provided inCommitment Condition 4, the Company may amend this commitment to add, among other things, additionalexceptions or requirements after the designation of the Proposed Insured.

The Proposed Policy Amount(s) must be increased to the full value of the estate or interest being insured, and9.any additional premium must be paid at that time. An Owner's policy should reflect the purchase price or fullvalue of the Land. A Loan Policy should reflect the loan amount or value of the property as collateral.Proposed Policy Amount(s) will be revised and premiums charged consistent therewith when the final amountsare approved.

Release of record of the Deed of Trust executed by John H Smith and Cynthia M Smith, husband and wife, to10.John E Middleton, Trustee for Mortgage Electronic Registration Systems, Inc., solely as nominee for FirstMagnus Financial Corporation, dated August 6, 2004 and recorded August 6, 2004 as Document No. S-87422 inBook 4717 at Page 17, securing an obligation in the stated amount of $91,200.00 and all other obligations securedthereby.



81C165B72 Page 5 of 7 ALTA Commitment for Title Insurance 8-1-16 w- KS-MO ModSchedule BI & BII


Schedule BI & BII

File No: 223757

Payment of all assessed taxes for the current year and all prior years; any such taxes which remain unpaid will11.be shown as exceptions to title in the final policy.

Note: Current tax records indicate the following taxes:

City, state and county taxes for the year(s) 2019 in the base amount(s) of $1,767.14, plus penalty and interest,if any, until payment. (Payoff amount(s) for December 2019 = $1,767.14)

(City, state and county taxes for the year 2018 and prior years are paid.)Parcel No. 13-617-00-08-017.00 2019 Assessed Value: $21,700.00.

The spouse(s) of any record owner must join in the proposed deed/mortgage.12.

Note: We presume that grantees who constitute a married couple intend to acquire title to Kansas property as13.joint tenants and to Missouri property as tenants by the entirety (i.e., with rights of survivorship). We alsopresume that grantees who do not constitute a married couple intend to acquire title as tenants in common (i.e.,without rights of survivorship). We must be advised if the presumption is incorrect and we must then be givenspecific instructions as to the manner in which the grantees intend to acquire title.

Note: If we will be acting as settlement agent, we will require that funds be placed on deposit with us in the14.form of either a cashier's check or wired funds prior to disbursement.

Due to the conflict between federal and state laws concerning the cultivation, distribution, manufacture or sale15.of marijuana, the Company is not able to close or insure any transaction involving Land that is associated withthese activities.



81C165B72 Page 6 of 7 ALTA Commitment for Title Insurance 8-1-16 w- KS MO ModSchedule BI & BII


Schedule BI & BII

File No: 223757

SCHEDULE B, PART II

Exceptions

THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED INANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION,RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUALORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN.

The Policy will not insure against loss or damage resulting from the terms and provisions of any lease or easement identifiedin Schedule A, and will include the following Exceptions unless cleared to the satisfaction of the Company:

1. Any defect, lien, encumbrance, adverse claim, or other matter that appears for the first time in the Public Records or is created, attaches,or is disclosed between the Commitment Date and the date on which all of the Schedule B, Part I—Requirements are met.

2. Rights or claims of parties in possession not shown by the Public Records.

3. Easements, or claims of easements, not shown by the Public Records.

4. Any encroachment, encumbrance, violation, variation or adverse circumstances affecting Title that would be disclosed by an accurateand complete survey of the Land or that could be ascertained by an inspection of the Land.

5. Any lien, or right to lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the PublicRecords.

6. Taxes, or special assessments, if any, not shown as existing liens by the Public Records.

The lien of the General Taxes for the year 2020, and thereafter.7.

Building setback lines, easements and conditions, if any, which are shown on the plat of said subdivision8.recorded October 4, 1954 in Plat Book 7 at Page 72 and now indexed as Book C at Page 246, as more fully setforth therein.

Terms and provisions of the covenants and restrictions contained in the document recorded October 1, 1956 in9.Book 518 at Page 485.



81C165B72 Page 7 of 7 ALTA Commitment for Title Insurance 8-1-16 w- KS MO ModSchedule BI & BII

Page 1

Real Estate Sale Contract (Auction-Approved by Missouri Legal Counsel)

This Real Estate Contract is made and entered into effective on the date last signed below by the parties (“Effective

Date”) by and between:

John H. Smith and Cynthia M. Smith (herein “Seller”, jointly and severally, if more than one)

and

(herein “Buyer”, jointly and severally, if more than one).

1.

2.

Property Information Package.

a) The Subject Property, defined below, has been purchased on the Effective Date through an auction

(“Auction”) conducted on Seller’s behalf by Cates Auction & Realty Co., Inc. (“Auctioneer”).

b) Prior to the said Auction, Auctioneer delivered to Buyer (and all prospective bidders) a certain packet

of information herein referred to as the “Property Information Package”. Among other things, the Property Information Package contains a preliminary commitment for title insurance, issued by

“Escrowee” identified below, with respect to the Subject Property.

c) The Property Information Package, consisting of 34 pages, is attached hereto and is fully

incorporated by reference herein so that it becomes an integral part of this Contract.

Identity of Escrowee. For the purposes of this Contract, the “Escrowee” shall be:

a) Thomson Affinity Title, LLC

b) Whose address is 1000 Middlebrook Dr., Ste. C, Liberty, MO 64068

c) The principal office address of Escrowee is in Clay County, Missouri (“County”).

3. Identity of Deed Form. The deed which Seller shall give to Buyer at Closing shall be a General

Warranty Deed (the “Deed”).

4. Sale and Purchase. Seller agrees to sell and Buyer agrees to buy, upon the terms and conditions and for

the consideration set forth below, the real estate and buildings thereon (all of the foregoing being hereinafter

collectively referred to as the “Subject Property”) legally described in the preliminary commitment for title

insurance contained in the “Property Information Package” more fully identified below.

5. Street Address. The street address (if any) of the Subject Property is:

107 NW 65th Terrace, Gladstone, MO 6418

6. Fixtures. The aforesaid purchase and sale of the Subject Property shall include all “fixtures” as defined

by the common law of the State of Missouri except for such fixtures as are subject to sale during the same

auction at which Buyer has agreed to purchase the Subject Property.

7. Purchase Price and Payment. The total purchase price (herein “Purchase Price”) which Buyer shall pay to

Seller for the Subject Property is calculated as:

Bid Amount $

Plus Buyer’s Premium $

Equals Purchase Price $

payable in the following manner:

a) $ (herein “Earnest Money Deposit” or “Deposit”)

by Buyer’s check payable to Escrowee and herewith delivered to Auctioneer, which shall

immediately deposit such check with Escrowee. Escrowee shall hold, pay and disburse same on the

following terms and conditions:

Page 2

i) If closing of this transaction shall fail to occur for reasons which do not arise out of Buyer’s

breach hereof, then said Deposit shall be forthwith returned to Buyer. Escrowee may so

disburse the Deposit without consent of Seller so long as, in Escrowee’s subjective good faith

judgment, closing has failed to occur for reasons which do not arise out of Buyer’s breach

hereof.

ii) If closing of this transaction shall fail to occur for reasons which do arise out of Buyer’s

breach hereof, Escrowee shall disburse the Deposit, 50% to Seller and 50% to Auctioneer,

as liquidated damages herein provided. Escrowee may so disburse the Deposit without

consent of Buyer so long as Buyer’s breach is clear and convincing in Escrowee’s subjective

good faith judgment.

iii) If closing of this transaction shall fail to occur, Escrowee shall not have disbursed the Deposit

under subparagraphs i) and ii) and Seller and Buyer shall be unable to agree upon the

disposition of the Deposit within 30 days after the Closing Date hereinafter specified,

Escrowee may (at its option) institute an action in interpleader in the “County” (of

Escrowee’s principal office), the purpose of which is to secure Escrowee’s release from

further liability as to the Deposit. Escrowee shall be entitled to recover any reasonable costs

(including its attorneys fees) incurred in so interpleading the Deposit. Once Escrowee is so

released, the Circuit Clerk of the “County” (identified above as the county in which Escrowee

has its principal office), shall hold the remaining balance of the Deposit pending outcome

and disposition of mandatory arbitration proceedings as hereinafter provided.

b) $ (being the balance of the Purchase Price) in cash

or certified funds at the Closing Date, subject to contractual and customary closing adjustments.

8. Review and Inspection of Subject Property/No Warranty. Buyer acknowledges that, prior to execution

of this instrument, Buyer has carefully inspected the Subject Property and all parts thereof. Buyer agrees that

Buyer will accept the Subject Property in its present “as is” condition. Without limiting the effectiveness or

importance of other provisions of this Contract, Buyer agrees that this section, and the immediately following

section, are of the essence to Seller.

9. Warranty Disclaimer/No Representations. Buyer acknowledges that neither Seller nor any other person

on Seller’s behalf (including Auctioneer) has made any representations, agreements or warranties as to the

value, condition, quality or suitability of the Subject Property or any improvements therein or thereon and,

therefore, Buyer agrees to accept title and possession of the Subject Property “as is”, “where is”, “with all

faults”, and without express or implied warranties of any nature whatsoever, provided however, Seller

agrees that, at the Closing Date, the Subject Property shall be delivered to Buyer in substantially the same

condition as it now exists, reasonable wear and tear excepted. The warranties being disclaimed include,

without limitation, implied warranties of merchantability, habitability, tenantability and fitness for a

particular purpose.

10. Physical Condition Executory Waiver and Release. Seller has encouraged Buyer to thoroughly inspect all

physical portions of the Subject Property for the existence of any hidden defects which may exist. In

consideration of this Contract, Buyer (for itself and its successors and assigns) hereby waives and releases

any and all claims or causes of action which Buyer may have or acquire against Seller from and after the date

hereof relative to the condition of the Subject Property. Such agreement on the part of Buyer constitutes a

material consideration for the transaction herein contemplated and shall survive Closing.

11. Title Exceptions. The Subject Property shall be conveyed subject to the following exceptions (“Permitted

Exceptions”) to good and marketable title, regardless of whether incorporated into the Deed identified above:

a) Easements, reservations and restrictions of record; and

b) General state, county and municipal real estate taxes for the fiscal tax year of closing and subsequent

years (subject to proration as hereinafter provided); and

c) Installment payments of special assessments (current year’s installments to be prorated as provided

below); and

d) Portions of the Subject Property in roads, roadways, streets and streams; and

Page 3

e) Ordinances in effect on the date of this Contract as well as at the date of closing; and

f) Building lines, restrictions, limitations and easements as shown on the recorded plat (if any)

encompassing all or any part of the Subject Property; and

g) Leases and tenancies, if any (and, if any, rentals shall be prorated between the parties as of the Closing

Date, and Seller shall deliver to Buyer all, if any, security deposits held by Seller as “Landlord”); and

h) Any material and adverse encroachment, visible/apparent easement not of record, survey defect,

overlap, boundary line dispute or other servitude not of record but which would be revealed by an

accurate ALTA survey of the Subject Property; and

i) Such Schedule B-2 “exceptions” stated in the preliminary commitment for title insurance contained

in the “Property Information Package” more fully identified below.

j) Except as specifically permitted above, no existing mortgages or other liens shall be Permitted

Exceptions, provided however, so long as Seller’s sale proceeds are sufficient to discharge such

existing mortgage or other liens, such mortgages and liens shall be discharged with Seller’s proceeds

of sale.

12. Taxes and Assessments. General real estate taxes and special assessments (including state, county

and city) with respect to the Subject Property shall be prorated as of the Closing Date (Seller shall also, at the

Closing Date, pay all said real estate taxes and assessments for all fiscal tax years prior to the fiscal tax year

in which the Closing Date occurs).

a) If the actual amount of current general real estate taxes or assessments is not known, the amount to

be prorated shall be the amount of general real estate taxes and assessments for the next preceding

fiscal tax year, regardless of the actual amount of said taxes and assessments for the year in which

Closing occurs, and such proration at Closing shall be final and conclusive even if the taxes and

assessments for the fiscal year of closing are either more or less than the taxes and assessments for

the fiscal year on which the proration is based

b) Any other impositions with respect to the Subject Property (such as but not limited to impositions

arising from restrictions, covenants or community contracts applicable to the Subject Property) shall

likewise be prorated at the Closing Date.

13. Insurance, Condemnation and Risk of Loss. If, prior to the Closing Date, any of the improvement(s) on

the Subject Property shall be damaged so that the reasonable cost of restoration shall exceed $5,000.00 or if

any material portion of the Subject Property shall be taken under the power of eminent domain, Seller shall

immediately give Buyer notice of same (and the nature and extent thereof) whereupon Buyer may, at the

election of Buyer exercised by written notice given to Seller, terminate this Contract at any time within ten

(10) days after Buyer shall have received such notice from Seller (or the Closing Date, whichever first occurs)

whereupon Buyer shall be entitled to refund of the Earnest Money Deposit. If Buyer shall not so terminate

this Contract within the time provided, this Contract shall remain in full force and effect without any

diminution of the Purchase Price and Buyer shall receive all (if any) insurance or condemnation proceeds

payable by reason of such material damage or taking with respect to the Subject Property.

14. Closing, Possession, Breach and Remedies.

a) This sale shall be closed at the offices of the Escrowee identified above, at any mutually agreeable

time prior to 4:00 P.M. on:

February 22, 2020 (“Closing Date”),

but if no mutual agreement for prior closing is so made, closing shall occur on such date and at such

time so stated; and

b) At the time of closing, all monies and papers shall be delivered, and all other things, called for by this

Agreement at the time of closing, shall be done; and

c) Seller shall pay for and bear the following costs of closing:

i) 100% of the cost of recording Seller’s Deed, to the Subject Property, to Buyer; and

ii) 100% of the premium cost for the owner’s policy of title insurance to be provided to Buyer

by Seller at the Closing Date; and

iii) 50% of any escrow charges or fees charged by the Escrowee so as to close the transaction

herein contemplated; and

Page 4

iv) 100% of Seller’s share of prorated real estate taxes and assessment; and

v) 100% of Auctioneer’s fee/commission and, if any, all unpaid advertising and marketing

expenses for the Auction.

d) All other reasonable and customary costs and expenses of closing, if any, shall be paid and discharged

by Buyer.

e) Possession of the Subject Property shall be delivered to Buyer immediately after closing, together

with keys to the improvements on the Subject Property, subject to any leases, tenancies and the

Permitted Exceptions.

f) In the event Seller has performed Seller’s obligations hereunder as of and through the Closing Date

but Buyer fails to close and consummate hereunder (unless Buyer’s closing and consummation

obligations are relieved or suspended under the provisions of this Contract), the parties acknowledge

that Seller shall suffer damage which is difficult if not impossible to ascertain. Therefore, in the event

Seller has performed Seller’s obligations hereunder as of and through the Closing Date but Buyer

fails to close and consummate hereunder when Buyer is required to do so, this Contract shall be

automatically terminated whereupon Buyer agrees to pay Seller and Auctioneer (as provided above)

liquidated damages in the amount of the entire Earnest Money Deposit, in lieu of all other

damages and in lieu of any specific performance remedies which Seller might otherwise have

against Buyer.

15. Real Estate Commissions. Seller shall pay all, if any, realtors’ and brokers’ commissions payable to

Auctioneer, by virtue of any transaction mentioned in this instrument, all pursuant to separate agreement

between Seller and Auctioneer.

16. Time of Essence. Seller specifically declares to Buyer that closing and consummation hereunder no later

than the Closing Date is of the essence to Seller.

17. Attorney’s Fees. If Seller shall institute (or be joined as a party) in any action or proceeding (including

arbitration proceedings) due to the performance, non-performance, mis-performance, breach or default under

this Contract, then, if Seller prevails in such action or proceeding, Seller shall be entitled to recover from

Buyer all of Seller’s reasonable attorney’s fees, court costs and investigative expenses.

18. Notices. All notices required or permitted to be given pursuant to this instrument, in order to be effective,

must be mailed, if to Seller, at:

23803 Wadeway Road, Kearney, MO 64060

(Seller’s Notice Address), or to such other substitute address as may be hereafter specified to Buyer

by notice given pursuant hereto and, if to Buyer, at:

(Buyer’s Notice Address), or to such other substitute address as may be hereafter specified to Seller

by notice given pursuant hereto.

Said notices shall be transmitted by Certified United States mail addressed to the other party’s Notice Address

specified above. If either party shall so mail any notice to the other party’s Notice Address specified above

, such notice shall be conclusively deemed given on the second regular postal day next following the date of

mailing.

19. Severability. If any provision of this instrument or any term, paragraph, sentence, clause, phrase or word

appearing herein be judicially or administratively held invalid or unenforceable for any reason, such holding

shall not be deemed to affect, alter, modify or impair in any manner any other provision, term, paragraph,

sentence, clause, phrase or word appearing herein.

20. Successors and Assigns. All covenants, promises, conditions, representations and agreements herein

contained shall be binding upon, apply and inure to the parties hereto and their respective heirs, executors,

administrators, successors and assigns; it being understood and agreed, however, that Buyer shall have neither

the right nor the power to delegate said party’s duties or assign said party’s rights hereunder without the

express written consent of the other party, which consent may be withheld for any or no reason whatsoever.

21. Governing Law. This Contract shall be deemed made within the state of Missouri and the laws of such state

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shall govern the interpretation and construction hereof.

22. Further Acts. Both parties shall do and perform such other and further acts as are reasonably necessary so

as to effectuate their intentions as herein expressed.

23. Miscellaneous.

a) All rights and remedies of either party herein created or otherwise available at law or in equity are

cumulative, and the exercise of one or more rights or remedies shall not be taken to exclude or waive

the right to the exercise of any other. All such rights and remedies may be exercised and enforced

concurrently and whenever and as often as deemed desirable.

b) Notwithstanding any provision of the Contract to the contrary, each of the parties expressly covenants

and agrees that in the interpretation and performance of their obligations under the Contract (and in

the exercise of their rights thereunder), they shall act with good faith and shall deal fairly with the

other party.

c) The failure of either party to insist upon strict performance by the other party of any of the covenants,

conditions, provisions, rules and regulations, and agreements in this Contract shall not be deemed a

waiver of any of such party’s rights or remedies and shall not be deemed a waiver of any subsequent

breach or default by the other party .

d) No agency or partnership or joint venture relationship is intended to be created, by this instrument or

otherwise, between Seller and Buyer.

24. Lead Paint Disclosure. If the Subject Property is residential property, the improvements on the Subject

Property may have been constructed prior to 1978. If such is the case then, concurrently herewith, Seller and

Buyer shall execute a lead-based paint disclosure form and Seller shall immediately give Buyer a copy of the

federally mandated pamphlet entitled “Protect Your Family from Lead in Your Home”.

25. Protection of Auctioneer. Seller and Buyer jointly and severally agree to indemnify and hold

Auctioneer harmless against any and all losses, claims, damages or liabilities and expenses not resulting from

Auctioneer’s bad faith or gross negligence, including costs of investigation, attorney fees, and disbursements,

which may be imposed upon or incurred by Auctioneer hereunder relative to the performance of its duties

related to Seller, Buyer or the Subject Property, including without limitation any litigation arising from or in

respect of this Contract or the transactions contemplated hereby. Auctioneer shall not be liable for any error

of judgment or for any act done or omitted by it in good faith. Auctioneer is authorized to act on any document

believed by it, in good faith, to be executed by the proper party or parties, and will incur no liability in so

acting. Auctioneer is in all respects and for all purposes third party beneficiary of this Contract to the extent

that this Contract would entitle it to rights or benefits if it was a signatory party hereto, and it is entitled to

enforce such rights and benefits, as herein provided, to the same extent it would be entitled if it was such a

signatory party.

26. Counterpart Execution. This Contract may be executed in any number of counterparts, each of which shall

be deemed an original; a facsimile signature by any of the parties shall be deemed to be an original signature.

27. Total Integration. THE CONTRACT (INCLUDING ANY RIDER, ADDENDUM OR EXHIBIT ATTACHED

HERETO) CONSTITUTES THE COMPLETE AGREEMENT BETWEEN SELLER AND BUYER CONCERNING THE

RELATIONSHIP OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS, UNDERSTANDINGS, PROMISES OR

REPRESENTATIONS BETWEEN SELLER AND BUYER AFFECTING THIS CONTRACT OR THE SUBJECT

PROPERTY. ALL PRIOR NEGOTIATIONS AND UNDERSTANDINGS, IF ANY, BETWEEN THE PARTIES HERETO

WITH RESPECT TO THE SUBJECT PROPERTY OR THIS CONTRACT SHALL BE OF NO FORCE OR EFFECT

AND SHALL NOT BE USED TO INTERPRET THIS INSTRUMENT.

In Witness Whereof, the parties have executed this instrument on the dates written immediately below.

CAUTION: THIS CONTRACT, ONCE SIGNED, IS A BINDING LEGAL OBLIGATION ON BOTH PARTIES. DO NOT SIGN

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UNLESS YOU FULLY UNDERSTAND THIS DOCUMENT.

__________________________________

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Seller

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Date

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Date

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Buyer

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Date

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Date

MISSOURI BROKER DISCLOSURE FORM

This disclosure is to enable you, a prospective buyer, seller, tenant or landlord of real estate, to make an informed choice BEFORE working with a real estate licensee. Missouri law allows licensees to work for the interest of one or both of the parties to the transaction. The law also allows the licensee to work in a neutral position. How the licensee works depends on the type of brokerage service agreements involved. Since the sale or lease of real estate can involve several licensees it is important that you understand what options are available to you regarding representation and to understand the relationships among the parties to any transaction in which you are involved. Missouri laws require that if you want representation, you must enter into a written agreement. This may or may not require you to pay a commission. You do not need to enter into a written agreement with a transaction broker unless you intend to compensate this licensee. These agreements vary and you may also want to consider an exclusive or nonexclusive type of relationship. If you choose not to be represented by an agent, the licensee working with you may be working for the other party to the transaction.

CHOICES AVAILABLE TO YOU IN MISSOURI Seller’s or Landlord’s Limited Agent Duty to perform the terms of the written agreement made with the seller or landlord, to exercise reasonable skill and care for the seller or landlord, and to promote the interests of the seller or landlord with the utmost good faith, loyalty and fidelity in the sale, lease, or management of property. Information given by the buyer/tenant to a licensee acting as a Seller’s or Landlord’s Limited Agent will be disclosed to the seller/landlord.

Buyer’s or Tenant’s Limited Agent Duty to perform the terms of the written agreement made with the buyer or tenant, to exercise reasonable skill and care for the buyer or tenant and to promote the interests of the buyer or tenant with the utmost good faith, loyalty and fidelity in the purchase or lease of property. Information given by the seller/landlord to a licensee acting as a Buyer’s or Tenant’s Limited Agent will be disclosed to the buyer/tenant.

Sub-Agent (Agent of the Agent) Owes the same obligations and responsibilities as the Seller’s or Landlord’s Limited Agent, or Buyer’s or Tenant’s Limited Agent.

Disclosed Dual Agent With the written consent of all parties, represents both the seller and the buyer or the landlord and the tenant. A Disclosed Dual Agent may disclose any information to either party that the licensee gains that is material to the transaction. A dual agent may not disclose information that is considered confidential, such as:

• Buyer/Tenant will pay more than the purchase price or lease rate • Seller/Landlord will accept less than the asking price or lease rate

“ONLINE ONLY” REAL ESTATE BIDDING AUCTION TERMS AND CONDITIONS

REGISTRATION: Proper and complete online registration is required to bid. All bidders must provide valid contact information including full name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is also required and will be validated before bidding access is granted, but is not a recognized form of payment for the earnest money deposit or purchase price. Bidders may also be required to provide proof of funds, bank letter of credit or other financial documentation if deemed necessary. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid. ONLINE BIDDING: All bidding in this auction is being conducted online. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 816-781-1134) To place a bid, bidders can either bid the next bid increment being asked for or enter a maximum bid by clicking the “SET MAX” feature. This feature allows a bidder to enter their maximum bid and authorizes the system to only bid the smallest acceptable bid increment on their behalf when they have been outbid and only up to their maximum bid. The benefit is, not having to login and physically bid each time you have been outbid. In the case of an auction with a reserve, if the maximum bid entered is less than the reserve, the system will place the bid at the bidder’s maximum bid. If the reserve has been met or it is an auction without reserve, the system will only bid the smallest acceptable bid increment on the bidders behalf when they have been outbid and only up to their maximum bid. This auction utilizes a “Soft Close” feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the auction. These extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded. The benefit of these extensions is to provide an even playing field for all bidders. BUYER'S PREMIUM: A buyer's premium of the greater of $2,500 or ten percent (10%) of the high bid shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s). Sample calculation -- High bid = $50,000 Buyer’s Premium = $ 5,000 Total purchase price = $55,000 FINANCING: Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction and provide a pre-approval letter from their lender. CONTRACT SIGNING: At the conclusion of the auction the Winning Bidder will be notified and receive an email and/or phone call confirming their winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company. Should the

electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by close of business on auction day. A Winning Bidder whose documents and deposit are not received within the required time frame is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future auctions. Please note that property-specific purchase contracts are available prior to the auction end date and reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days of the auction. If approval is denied, all documents and the deposit will be returned immediately. EARNEST MONEY DEPOSIT: The Winning Bidder shall be required to make an earnest money deposit equal to five percent (5%) of the total purchase price. This deposit must be received by wire transfer (or by certified funds), by the close of business auction day. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the earnest money deposit, charged to the credit card used at registration, and will not be allowed to bid in any future auctions. CLOSING: The Winning Bidder shall close within 30 days of the auction date, unless stated differently in the Purchase Agreement. EVIDENCE OF TITLE: Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a warranty deed conveying the real estate to the buyer(s). REAL ESTATE TAXES & ASSESSMENTS: 2020 taxes are to be prorated as of the closing date. EASEMENTS AND LEASES: Sale of said property is subject to any and all easements of record and any and all leases. AGENCY: Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller. BROKER PARTICIPATION: A commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) is offered to all participating properly licensed Brokers. This commission will be paid at closing to the Broker representing the Winning Bidder, who has completed, returned and met the terms of the Broker Participation Agreement. This agreement is available on our website and must be completed prior to the Broker’s bidder placing a bid and returned no later than 48 hours prior to the auction end date.

DISCLAIMERS AND ABSENCE OF WARRANTIES: The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it. All sketches, dimensions, square footage, acreage amounts, etc. are approximate. No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to verification by all parties and the terms and conditions outlined in the purchase agreement. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). This property is available for and subject to sale prior to the auction end date. We hope you enjoy bidding in this online auction!

BROKER PARTICIPATION AGREEMENT

Property Address ______________________________________________ Auction End Date _____________ A commission of 3% (unless a different percentage is listed in online listing services) will be offered to any real estate Broker/Agent licensed in the state where the property is located and when the Broker/Agent meets the following requirements. The shared commission percentage is based on the amount of the high bid (not including the buyer’s premium). Requirements to earn shared commission percentage: • Broker/Agent shall show the property in person to his or her Buyer. • Broker/Agent shall complete this agreement and submit to Cates Auction & Realty Co., Inc. to be received no later than 48 hours

prior to the online auction end date. If a legal entity is the Client, the principals must be disclosed. • Brokers/Agent acting as principle or on behalf of family members shall also complete this form. • Broker/Agent’s successful Buyer shall execute the real estate sale contract received via email through DocuSign immediately

following the closing of bidding and wire the required earnest money deposit to the title company by 5:00 pm same day. • Broker/Agent’s successful Buyer shall close on the property in accordance with the terms of the real estate sale contract. • Broker/Agent agrees that only the first registration of Buyer will be accepted and honored. • Broker/Agent agrees that commission will be paid at the time of closing and disbursed by Escrow Agent. • Broker/Agent agrees to hold harmless and indemnify Cates Auction & Realty Co., Inc. including its reasonable attorney’s fees, from

any and all claims with regard to such commission. • Broker/Agent may submit Agency & Franchise Disclosures to be signed by the seller. No other forms will be accepted. • No commission will be paid if the successful Buyer, who subsequently enters into a purchase agreement, does not close in strict

accordance with the written terms thereof. In all events, Cates Auction & Realty Co., Inc. shall have the sole authority and right to revoke this offer of compensation and/or determine if and when a commission shall be paid.

No Broker/Agent will be recognized on a Buyer that has attended an open house/preview event without Broker/Agent or has previously contacted Seller or Cates Auction & Realty Co., Inc. about this property. A complete registration file on all Buyers will be maintained. Should a commission reduction be required to complete the sale, Broker/Agent agrees that any commission reduction will be applied proportionately to their respective shared commission percentage. This form must include signatures of the Broker, Agent and Buyer. It will be the responsibility of the Broker/Agent to verify receipt of this document by Cates Auction & Realty Co., Inc. by email to [email protected] or by phone to 816-781-1134.

NO EXCEPTIONS TO THIS PROCEDURE WILL BE ACCEPTED. Broker Name: __________________________________ Agent Name: __________________________________

Broker Signature: _______________________________ Agent Signature: _______________________________

Company: _____________________________________ Agent Telephone: ______________________________

Address: ______________________________________ Buyer Name: __________________________________

Telephone: _____________________________________ Buyer Address: ________________________________

Email: ________________________________________ Buyer Signature: _______________________________

COMPLETE AND RETURN VIA EMAIL TO [email protected] OR FAX TO (816) 781-1135.